This is how you do it .... Penticton

XT225
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Joined: Jun 2nd, 2009, 4:37 pm

Re: This is how you do it .... Penticton

Post by XT225 »

pentona wrote:
I would have rather seen standard pavement and use the savings to re-pave Government Street; its a bl@@dy mess!


Good one, and I agree with you regarding the state of some of our streets, especially Government Street. Perhaps we should ask for Divine Intervention? http://www.castanet.net/news/World/1663 ... r-potholes
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onestop67
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Re: This is how you do it .... Penticton

Post by onestop67 »

twobits wrote:Blabber? They apply for building permits all the time. It's a requirement of renovation to the interior


Other than, Vasillaki, none of the owners of the other empty lots downtown have applied for permits. This is where I say you're blabbering. You don't have a clue about the empty lots in the downtown.

Again, if a buyer who wants to pay anywhere near fair market value for those downtown lots shows up, they will sell them.

Why does "fair market value" make you laugh? These property owners aren't going to give it away. If they don't get an offer they like, they won't sell.

There are 50 empty retail spaces in the downtown already. Why should someone who owns an empty lot spend a couple million to build a space that will sit empty?
twobits
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Re: This is how you do it .... Penticton

Post by twobits »

onestop67 wrote:Why does "fair market value" make you laugh? These property owners aren't going to give it away. If they don't get an offer they like, they won't sell.

There are 50 empty retail spaces in the downtown already. Why should someone who owns an empty lot spend a couple million to build a space that will sit empty?


Comments like the above make me laugh. If the properties have been for sale for years now, and they have, and no one has bought them, doesn't it click to you that the owners are asking more than current fair market value?
The problem is that these owners don't need to sell. If they did, the price would be lowered until fair market value was reached. All these properties are to these owners is inventory assets that cost them nothing more than the property tax and forgone income from having that capital elsewhere. With today's historically low interest rates, the return after taxes makes holding out for "their price" easy. That however does not help the blight of downtown. It is property owners looking out for their own individual interests and they have every right to do so. They are also the ones who will be the least co-operative in a unified plan of all stakeholders cuz there is no real reason for them to invest any coin into a plan. Why would they when the taxpayer keeps putting lipstick on the downtown pig every cpl of decades in hopes something will change.
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